in addition to that, what president put that into law? why not, if it was not for the benefit of the constituents? guest: first of all, the capital gains preference dates back throughout the entire history of the income tax. there were a couple of years in the late 1980's where they were taxed. as far as the history of income tax, and for capital gains on corporate stocks, the evidence is compelling that this is in come at the corporate level. to tax it again at the individual level, it puts a penalty and corporations for issuing stock instead of debt. it would be a mistake to keep it in place. i think that the same point applies to dividends as well. capital gains also apply to land. one point to keep in mind there is that you cannot push the rating too high. people become reluctant to sell their assets. you are not taxed until the asset is sold. there is an upper limit to how far you can push it. but you could still hit 14% with more revenue. host: -- guest: some have indicated that the rate is around 28%, where would not affect what pe